The White House unveiled its long-awaited tax-reform blueprint on Wednesday, and the cuts to the old tax system will be deep.

Details on how President Donald Trump and Congress will balance the budget are still up in the air, but for now, White House officials are pushing ahead with long-discussed plans to slash the corporate tax rate and simplify brackets for middle-class and upper-income earners.

“This isn’t going to be easy. Doing big things never is … But one thing is certain: I would never, ever bet against this president.”

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Gary Cohn, Trump’s economic director, told reporters in the West Wing on Wednesday that the blueprint will deliver on three promises: generating economic growth, implementing tax reform, and offering relief to the poor and middle class.

Cohn said it’s been more than 30 years — 1986, to be exact — since Congress last passed significant tax reform.

“This isn’t going to be easy,” said Cohn. “Doing big things never is. We will be attacked from the left and attacked from the right. But one thing is certain: I would never, ever bet against this president.”

And individual and married filers will at least get some help in filing, because the basic seven brackets will be reduced to 10 percent, 25 percent, and 35 percent.

But the Trump White House is stressing — not shying away from — cuts for businesses. The top U.S. corporate tax rate, 35 percent, is one of the highest among industrialized nations and recently overtook Japan’s top tax rate. Trump officials blame the rate for suppressing economic growth.

Steven Mnuchin, Treasury secretary, said the corporate tax rate is causing a lack of competitiveness. A new top tax rate of 15 percent for businesses will bring back billions of dollars in wealth protected offshore, Mnuchin said.

Among the features of the Trump tax plan are:

  • Doubling the standard deduction.
  • Elimination of targeted tax cuts and loopholes for the wealthy.
  • Repeal of the Alternative Minimum Tax.
  • Repeal of the death tax.
  • Repeal of the 3.8 percent tax on investments and dividends that Democrats installed to help pay for the Affordable Care Act, aka Obamacare.
  • New income tax brackets of 10 percent, 25 percent, and 35 percent.
  • A smaller top tax rate for corporations of 15 percent.
  • A one-time tax on trillions of dollars in assets held overseas.
  • A reduction in loopholes for special interests.

Mnuchin said the White House will now engage in a listening tour, to hear from Congress and others.

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They are likely to hear a lot. House and Senate Republicans leaders are reportedly not happy that Trump rushed out in front with significant cuts to the corporate tax rate and the income tax rate without adding new revenue to make the ultimate law “revenue neutral.”

One idea that House Speaker Paul Ryan (R-Wis.) had offered was to implement a “border-adjustment” tax. The plan, a tax on imports, would level the playing field for U.S. manufacturers who see similar taxes added in Europe and Asia.

Ryan’s plan would have raised $120 billion a year, a goodly sum to help pay for cuts in the tax rates. But the border-adjustment tax was vigorously opposed by the retail sector.

The border-adjustment tax was missing from the Trump blueprint. In response to a question from LifeZette about the missing tax and a possible wider budget deficit, Mnuchin suggested there was still some horse-trading to be done on Capitol Hill.

“Today we’re putting out the core principles, which include rates,” said Mnuchin. “We will be working very closely with the House and Senate to turn this into a bill that will be passed and the president can sign, and there’s lots and lots of details that will go into how that takes place.”

The press then began to ask Mnuchin how the tax reform would affect Trump personally. Mnuchin declined to comment.